What happened
Landcadia Holdings II (LCA) announced Thursday that it is convening a special meeting of shareholders. The main order of business is to vote on the fusing together of itself and Golden Nugget Online Gaming -- the business intended to be its core asset and, let's face it, a much better and more recognized brand name.
So what
Investors won't have to wait long to cast their vote in the matter. The special meeting is slated for Dec. 18, and will be undertaken in lieu of the previously scheduled annual general meeting.
Image source: Getty Images.
Landcadia is one of several special purpose acquisition companies (SPACs) led by entrepreneur Tilman Fertitta. A SPAC is a corporate entity formed and listed on the stock exchange expressly to purchase another business, in this case Golden Nugget Online Gaming (where, not coincidentally, Fertitta also serves as CEO).
Golden Nugget Online Gaming will then have the distinction of being one of merely two publicly traded American online casino gambling companies, alongside recent consumer goods standout DraftKings.
Now what
Although the merger is the reason for Landcadia's existence and therefore fully anticipated, it's exciting to see that it'll (most likely) happen before year-end.
While the gambling operation is very limited (so far, it's only available in New Jersey), the company aims to plant its flag in Michigan and Pennsylvania next year. It's sure to follow with other states later as it expands its reach, and as the gambling legalization wave continues to crest across the U.S.
